24 October 2019

SolTech Energy Sweden AB (publ) quarterly report for July – September 2019

Continued strong development in Q3 – an increase of 380 percent compared to Q3 2018

SolTech Energy is delivering another strong quarter with operating revenues of SEK 87.3 million (18.2 million) and earnings (EBIT) of SEK 15.9 million (5.6) and with an EBITDA of SEK 30 million (9.3). Revenue is 380 percent higher than quarter 3, 2018, which is largely due to our three acquisitions during quarter 1, 2019 and increased business volume in our Chinese operations.

Strong quarter for SolTech:

  • Total operating income, including ongoing work, amounted to SEK 87.3 (18.2) million.
  • Consolidated operating profit (EBIT) amounted to SEK 15.9 (5.6) million
  • Operating profit before depreciation (EBITDA) SEK 30 (9.3) million
  • Profit for the period after financial items and tax was SEK 6.4 (-2) million
  • Cash flow for the period was SEK -76.3 million
  • Earnings per share amounted to SEK 0.13 (0.07)
  • Adjusted for currency effects on foreign leases, the result was -3.5 (-7.5)

Period January 1 – September 30, 2019

  • Total operating income amounted to SEK 236 M (51). An increase of 360 percent
  • Consolidated operating profit (EBIT) amounted to SEK 38.2 (1.8) million
  • Operating profit before depreciation (EBITDA) SEK 68.6 (8.6) million
  • Profit for the period after financial items and tax was SEK -6.2 M (-8.3). Adjusted for currency effects on foreign leases, the result was -11.3 (-17.3)

Significant events

  • Acquisition of the remaining 49 percent in Nyedal Solenergi, which is renamed Soltech Sales & Support AB and takes over responsibility for products, sales and support
  • Continued strong expansion and growth in China
  • The subsidiary, ASAB, now owns 100% of the shares in the Chinese portfolio company ASRE
  • Advanced SolTech appointed Carnegie Investment Bank and DNB Markets as advisors at the planned listing on Nasdaq First North Growth Market, which is scheduled to take place during the first half of 2020

Significant events after the reporting period

  • On October 16, SolTechs ASRE announced its second largest order to date of 12 megawatts in China. Customer is Zhejiang GuXianDao Polyester Dope Dyed Yarn Co. Ltd. and revenues during the 20-year contract period are estimated at approximately SEK 217.6 million
  • New growth plan in China with planned expansion from 605 MW, 2021 to 1,000 MW, 2023

CEO comment:

– Our third quarter shows strength in both Sweden and China. Our subsidiaries have good business acumen and the interest in being part of our group is growing. We look forward to a good fourth quarter, where we reach our goal of SEK 300 million in operating income for the year, and not least an exciting and successful 2020.

The interim report is available at https://www.soltechenergy.com/en/investors/financial-reports/

For more information contact: Stefan Ölander, CEO SolTech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com

The information in this press release is such that SolTech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person’s publication for publication on October 24, 2019 at. 14:15 CET.

About SolTech Energy

SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The Group also conducts operations in China where the business model consists of financing, owning and operating solar power plants on customers’ roofs and selling all electricity produced. The Group also includes the subsidiaries Soltech Sales & Support, NP-Gruppen and Swede Energy and the jointly owned companies ASAB in Sweden and ASRE in China. SolTech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. Company Certified Adviser Erik Penser Bank Phone: 08-463 83 Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com